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Financial Library

So, You Got a Tax Refund

Posted on: May 13, 2014

According to the Minister of National Revenue, the average tax refund is over $1,500 for the 2011 tax year. Surprisingly, many Canadians are thrilled about getting a big refund. While certain situations can lead to an unusual tax refund, far too many Canadians lend large sums of money to the government at 0% interest year after year. Two things you can do to make your refunds smaller are:

Tags: 
financial strategies

Education Savings: Start Early

Posted on: April 8, 2014

A new baby in the family brings many hopes, dreams and expectations. This can often include thoughts about how their lives can be better than that of their parents. And that often includes hopes about careers and the education that goes with them. It is also the time to start planning how to finance the education needed to fulfill those hopes and dreams.

Tags: 
education planning

How NOT to Plan your Estate

Posted on: April 8, 2014

Your death will create problems. There will be three types - emotional, legal and financial. You can do certain things now, while you're alive, to reduce or increase these problems and make your heirs either love you or hate you.

EMOTIONAL PROBLEMS

You can increase the emotional upset after your death by leaving your affairs in a mess. Hide your will, or better still, don't make one. Have a number of secret bank accounts and investments.

Tags: 
estate planning

Choosing the Right Life Insurance

Posted on: March 11, 2014

Making the right choices for protecting you and your loved ones in the case of a premature death comes down to understanding some basic principles and rules of thumb. The first is that the name is all wrong; life insurance does not help you, it helps to protect the standard of living and lifestyle of those you leave behind. So more accurately it should be called something like: loved one's lifestyle assurance plan?.

Tags: 
insurance planning

The Retirement Dilemma: Part 2

Posted on: February 11, 2014

In our previous article, we looked at how seniors generally wish to invest their money to feel safe while in reality their expenses rise throughout their retirement years as the cost of various services, such as hydro and property taxes, typically increase annually. ( See graph at bottom )

Your choices are to either decrease your spending or deplete your savings or some combination of the two in order to make ends meet. The challenge is to make sure you don't run out of money before you run of time!

Tags: 
retirement planning

Role Reversal - The New Reality

Posted on: February 11, 2014

Our parents raised us; we moved out, had children of our own and raised them. Then our children moved out and had children of their own to raise. It was supposed to stop there for us, but then one day we had to look after one or both of our parents.

According to a 2012 survey by Market Probe Canada, 38% of those between age 35 and 75 have already provided long term care to a family member or friend. According to the LongTerm Care Planning Network we may spend as many years caring for a parent as we did raising a child.

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